Pfizer reported fourth-quarter 2008 revenues of $12.3 billion, down 4% from the previous year due to loss of exclusivity of certain drugs. Fourth-quarter net income was $266 million, down 90% from the prior year due to a $2.3 billion legal charge. For the full year, revenues were $48.3 billion, adjusted income was $16.4 billion, up 8%, and adjusted EPS was $2.42, up 11%. Pfizer announced a new cost reduction program targeting $2 billion in net savings by 2011.
bristol myerd squibb Bristol-Myers Squibb Company Reports Third Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for Q3 2008, with 14% growth in net sales and a 39% increase in non-GAAP EPS compared to Q3 2007. The company strengthened its cash position to $7.2 billion and reduced its net debt by $4.6 billion. Bristol-Myers Squibb raised its 2008 GAAP EPS guidance to $1.61-$1.66 and refined its non-GAAP EPS guidance to $1.65-$1.70, representing the upper range of previous guidance. The company also reaffirmed 15% minimum annual non-GAAP EPS growth through 2010.
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported financial results for the fourth quarter and full year 2006. Fourth quarter revenues exceeded $18.1 billion, a 47% increase over the previous year. Full year revenues reached $71.68 billion, a 54% increase. Net earnings for the fourth quarter were $1.2 billion and $4.174 billion for the full year. The company affirmed projected 2007 net income in the range of $4.7-4.75 billion, including $980 million to $1 billion in Q1 2007.
Bristol-Myers Squibb reported strong fourth quarter 2008 results, with net sales increasing 4% driven by key products like Plavix, Abilify, and Orencia. Gross profit margins improved significantly due to cost improvements and favorable product mix. Research and development expenses increased to fund new collaborations. The company provided guidance for 2009 GAAP EPS of $1.58-$1.73 and non-GAAP EPS of $1.85-$2.00, expecting revenue growth and further margin improvements. Bristol-Myers will continue business development efforts and advancing its pipeline to create long-term shareholder value.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
SGS reports solid performance in H1 and confirms its full year guidance.
The SGS Group performed strongly in the first semester reporting total revenue of CHF 3.3 billion:
• Strong organic growth was achieved across the entire business portfolio, as the Group continues to build its offering to customers
• Total revenue increased by 6.5% (of which 5.6% organic) on a constant currency basis to CHF 3.3 billion
• Adjusted operating income grew 9.2% on a constant currency basis to CHF 481 million
• Adjusted operating income margin improved to 14.6%
• Minerals and Governments and Institutions achieved double-digit revenue growth of 13.8% and 11.1% respectively
• 7 acquisitions completed
• The Group paid a dividend of CHF 577 million
You can view our financial reports here: www.sgs.com/en/our-company/investor-relations/financial-reports
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
Progressive Waste Solutions Third Quarter 2014 Financial Results ProgressiveWaste
- Total company revenue increased 0.1% compared to Q3 2013, but grew 2.0% excluding the impact of foreign exchange. Organic revenue growth was 2.2% driven by higher price and volume.
- Adjusted EBITDA increased 3.7% to $139.8 million compared to Q3 2013. Adjusted EBITDA margins improved to 26.8% from 25.9% in Q3 2013.
- Capital expenditures decreased to $73.4 million from $97.8 million in Q3 2013, with lower spending on replacement capital. The company expects full year 2014 adjusted EPS and free cash flow to be higher than previously expected.
bristol myerd squibb Bristol-Myers Squibb Company Reports Third Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for Q3 2008, with 14% growth in net sales and a 39% increase in non-GAAP EPS compared to Q3 2007. The company strengthened its cash position to $7.2 billion and reduced its net debt by $4.6 billion. Bristol-Myers Squibb raised its 2008 GAAP EPS guidance to $1.61-$1.66 and refined its non-GAAP EPS guidance to $1.65-$1.70, representing the upper range of previous guidance. The company also reaffirmed 15% minimum annual non-GAAP EPS growth through 2010.
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported financial results for the fourth quarter and full year 2006. Fourth quarter revenues exceeded $18.1 billion, a 47% increase over the previous year. Full year revenues reached $71.68 billion, a 54% increase. Net earnings for the fourth quarter were $1.2 billion and $4.174 billion for the full year. The company affirmed projected 2007 net income in the range of $4.7-4.75 billion, including $980 million to $1 billion in Q1 2007.
Bristol-Myers Squibb reported strong fourth quarter 2008 results, with net sales increasing 4% driven by key products like Plavix, Abilify, and Orencia. Gross profit margins improved significantly due to cost improvements and favorable product mix. Research and development expenses increased to fund new collaborations. The company provided guidance for 2009 GAAP EPS of $1.58-$1.73 and non-GAAP EPS of $1.85-$2.00, expecting revenue growth and further margin improvements. Bristol-Myers will continue business development efforts and advancing its pipeline to create long-term shareholder value.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
SGS reports solid performance in H1 and confirms its full year guidance.
The SGS Group performed strongly in the first semester reporting total revenue of CHF 3.3 billion:
• Strong organic growth was achieved across the entire business portfolio, as the Group continues to build its offering to customers
• Total revenue increased by 6.5% (of which 5.6% organic) on a constant currency basis to CHF 3.3 billion
• Adjusted operating income grew 9.2% on a constant currency basis to CHF 481 million
• Adjusted operating income margin improved to 14.6%
• Minerals and Governments and Institutions achieved double-digit revenue growth of 13.8% and 11.1% respectively
• 7 acquisitions completed
• The Group paid a dividend of CHF 577 million
You can view our financial reports here: www.sgs.com/en/our-company/investor-relations/financial-reports
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
Progressive Waste Solutions Third Quarter 2014 Financial Results ProgressiveWaste
- Total company revenue increased 0.1% compared to Q3 2013, but grew 2.0% excluding the impact of foreign exchange. Organic revenue growth was 2.2% driven by higher price and volume.
- Adjusted EBITDA increased 3.7% to $139.8 million compared to Q3 2013. Adjusted EBITDA margins improved to 26.8% from 25.9% in Q3 2013.
- Capital expenditures decreased to $73.4 million from $97.8 million in Q3 2013, with lower spending on replacement capital. The company expects full year 2014 adjusted EPS and free cash flow to be higher than previously expected.
UnitedHealth Group reported record first quarter results for 2006, with net earnings of $0.63 per share, up 15% from the first quarter of 2005. Revenue increased 54% to over $17 billion compared to the same period last year. The company also increased its full year 2006 earnings per share outlook to a range of $2.88 to $2.92, representing growth of 22-24% over 2005. Strong growth was driven by the company's businesses serving seniors, commercial services including consumer-driven healthcare plans, and specialty businesses.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
The AES Corporation reported solid financial results for Q2 and year-to-date 2008. Revenue increased 24% to $4.1 billion for Q2 due to higher prices and volumes. Income from continuing operations was $903 million or $1.31 per share for Q2. Adjusted EPS was $0.17. For the full year, AES increased its adjusted EPS guidance to $1.16. Recent developments included construction starting on 4 power plants totaling 953 MW and acquiring a 49% stake in a 49.5 MW Chinese wind project.
The document summarizes AES's financial results for Q4 and full year 2007. Key highlights include:
- Q4 EPS from continuing operations of $0.00, adjusted EPS of $0.19
- Full year EPS from continuing operations of $0.73, adjusted EPS of $1.02
- Annual revenues increased 17% to $13.6 billion
- Annual gross margin of $3.4 billion
- Full year net consolidated operating cash flow of $2.4 billion
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
Merrill Lynch reported strong financial results for the second quarter and first half of 2007, with record revenues and earnings. Net revenues for Q2 2007 increased 19% year-over-year to $9.7 billion, while net earnings increased 31% to $2.1 billion. Both Global Markets and Investment Banking and Global Wealth Management saw record revenues. For the first half of the year, net revenues were up 21% to a record $19.6 billion, with net earnings up 104% to $4.3 billion. Merrill Lynch exceeded expectations in a volatile market environment and saw continued growth across all business segments and global regions.
- Accenture reported financial results for Q4 FY2009, with revenues of $5.15B for Q4 and $21.58B for the full year.
- The company delivered record annual free cash flow of $2.92B and annual new bookings of $23.90B.
- Accenture increased its annual cash dividend by 50% to $0.75 per share and approved $4B in additional share repurchases.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Progressive Waste Solutions Third Quarter 2015 Financial ResultsProgressiveWaste
FRIDAY OCTOBER 30, 2015 - Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2015
Investor Relations
http://investor.progressivewaste.com/English/investor-relations/default.aspx
Aetna reported its second-quarter 2006 results, with the following key highlights:
- Operating earnings per share of $0.65, up 23% from the prior year, and in line with estimates. Total revenues increased 14% to $6.3 billion.
- Full-year 2006 operating earnings per share guidance increased to a range of $2.77 to $2.79 per share, up from prior guidance.
- Certain areas like a large government case and stop-loss product underperformed due to higher than expected large claims. The commercial risk medical cost ratio was 81.4%, excluding development.
- Membership increased year-over-year but declined slightly sequentially, to
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported strong third quarter 2007 results, with net earnings per share of $0.95, up 19% year-over-year. Operating margins expanded 110 basis points to 11.5% due to margin gains in the Health Care Services segment. Medical costs ratios improved across all business segments. UnitedHealth Group expects full year 2007 earnings of $3.49-$3.50 per share and 2008 earnings of $3.95-$4.00 per share.
This document contains the summary of a fourth quarter 2008 conference call for DPS. It discusses the challenging macroeconomic conditions, but notes DPS's committed to its long term strategy focused on building brands. It provides an overview of Q4 and full year 2008 financial performance. Guidance for 2009 indicates net sales growth of 2-4% and EPS growth excluding items of $1.59 to $1.67. DPS will continue to generate strong cash flows and pay down $400 million in debt in 2009.
Spectra Energy reported higher third quarter 2008 results compared to the prior year quarter, with net income up 26% and ongoing net income up 26%. All business segments performed strongly due to higher commodity prices and operating performance. The company completed its 2008 capital expansion plan, which will provide returns at the top end of the targeted range of approximately 12%. Spectra Energy expects to exceed its 2008 EPS target of $1.56.
Merck reported first quarter 2008 financial results, including non-GAAP EPS of $0.89, excluding certain items, and GAAP EPS of $1.52. Worldwide sales increased 1% to $5.8 billion. Key products like SINGULAIR, COZAAR/HYZAAR and VARIVAX saw solid year-over-year revenue growth. Merck reaffirmed its full-year 2008 non-GAAP EPS guidance range of $3.28-$3.38, excluding certain items, and revised its GAAP EPS range to $3.84-$4.00. Merck continued international launches of products including JANUVIA, JANUMET, GARD
UnitedHealth Group reported financial results for Q4 2008 and full year 2008. Revenues for 2008 exceeded $81 billion, up 8% from 2007. Adjusted net earnings per share were $2.95 for 2008 and $0.78 for Q4 2008. Cash flows from operations were $1.6 billion for Q4 2008 and $4.8 billion for 2008. The company expects 2009 net earnings in the range of $2.90 to $3.15 per share.
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for the first quarter of 2008, with net sales growing 20% driven by growth in the pharmaceutical business. Earnings from continuing operations grew 51% to $1.29 billion compared to the first quarter of 2007. The company reaffirmed its 2008 earnings guidance and announced plans to file an IPO to sell approximately 10% of its Mead Johnson Nutritionals business. Key drugs such as Abilify, Plavix, and Baraclude saw sales increases in the double-digit percentages compared to the first quarter of 2007.
Merck announced its 2007 financial results, reporting:
1) Full-year non-GAAP EPS of $3.20 and fourth-quarter non-GAAP EPS of $0.80, excluding certain previously disclosed items.
2) Worldwide product revenue growth driven by drugs like Singulair, Januvia, Gardasil, and Varivax.
3) Reaffirmation of its 2008 non-GAAP EPS forecast range despite charges related to legal issues including a VIOXX settlement.
bristol myerd squibb Financial Results for the Fourth Quarter and Twelve Mont...finance13
Bristol-Myers Squibb reported strong financial results for the fourth quarter and full year 2008, driven by growth of key franchises and products. Fourth quarter sales increased 4% year-over-year to $5.2 billion. Gross profit margins improved due to cost improvements and favorable product mix. The company provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00, expecting revenue and earnings growth. Bristol-Myers Squibb continued progress on productivity initiatives and business development deals to supplement its pipeline.
UnitedHealth Group reported record first quarter results for 2006, with net earnings of $0.63 per share, up 15% from the first quarter of 2005. Revenue increased 54% to over $17 billion compared to the same period last year. The company also increased its full year 2006 earnings per share outlook to a range of $2.88 to $2.92, representing growth of 22-24% over 2005. Strong growth was driven by the company's businesses serving seniors, commercial services including consumer-driven healthcare plans, and specialty businesses.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
The AES Corporation reported solid financial results for Q2 and year-to-date 2008. Revenue increased 24% to $4.1 billion for Q2 due to higher prices and volumes. Income from continuing operations was $903 million or $1.31 per share for Q2. Adjusted EPS was $0.17. For the full year, AES increased its adjusted EPS guidance to $1.16. Recent developments included construction starting on 4 power plants totaling 953 MW and acquiring a 49% stake in a 49.5 MW Chinese wind project.
The document summarizes AES's financial results for Q4 and full year 2007. Key highlights include:
- Q4 EPS from continuing operations of $0.00, adjusted EPS of $0.19
- Full year EPS from continuing operations of $0.73, adjusted EPS of $1.02
- Annual revenues increased 17% to $13.6 billion
- Annual gross margin of $3.4 billion
- Full year net consolidated operating cash flow of $2.4 billion
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
Merrill Lynch reported strong financial results for the second quarter and first half of 2007, with record revenues and earnings. Net revenues for Q2 2007 increased 19% year-over-year to $9.7 billion, while net earnings increased 31% to $2.1 billion. Both Global Markets and Investment Banking and Global Wealth Management saw record revenues. For the first half of the year, net revenues were up 21% to a record $19.6 billion, with net earnings up 104% to $4.3 billion. Merrill Lynch exceeded expectations in a volatile market environment and saw continued growth across all business segments and global regions.
- Accenture reported financial results for Q4 FY2009, with revenues of $5.15B for Q4 and $21.58B for the full year.
- The company delivered record annual free cash flow of $2.92B and annual new bookings of $23.90B.
- Accenture increased its annual cash dividend by 50% to $0.75 per share and approved $4B in additional share repurchases.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Progressive Waste Solutions Third Quarter 2015 Financial ResultsProgressiveWaste
FRIDAY OCTOBER 30, 2015 - Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2015
Investor Relations
http://investor.progressivewaste.com/English/investor-relations/default.aspx
Aetna reported its second-quarter 2006 results, with the following key highlights:
- Operating earnings per share of $0.65, up 23% from the prior year, and in line with estimates. Total revenues increased 14% to $6.3 billion.
- Full-year 2006 operating earnings per share guidance increased to a range of $2.77 to $2.79 per share, up from prior guidance.
- Certain areas like a large government case and stop-loss product underperformed due to higher than expected large claims. The commercial risk medical cost ratio was 81.4%, excluding development.
- Membership increased year-over-year but declined slightly sequentially, to
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported strong third quarter 2007 results, with net earnings per share of $0.95, up 19% year-over-year. Operating margins expanded 110 basis points to 11.5% due to margin gains in the Health Care Services segment. Medical costs ratios improved across all business segments. UnitedHealth Group expects full year 2007 earnings of $3.49-$3.50 per share and 2008 earnings of $3.95-$4.00 per share.
This document contains the summary of a fourth quarter 2008 conference call for DPS. It discusses the challenging macroeconomic conditions, but notes DPS's committed to its long term strategy focused on building brands. It provides an overview of Q4 and full year 2008 financial performance. Guidance for 2009 indicates net sales growth of 2-4% and EPS growth excluding items of $1.59 to $1.67. DPS will continue to generate strong cash flows and pay down $400 million in debt in 2009.
Spectra Energy reported higher third quarter 2008 results compared to the prior year quarter, with net income up 26% and ongoing net income up 26%. All business segments performed strongly due to higher commodity prices and operating performance. The company completed its 2008 capital expansion plan, which will provide returns at the top end of the targeted range of approximately 12%. Spectra Energy expects to exceed its 2008 EPS target of $1.56.
Merck reported first quarter 2008 financial results, including non-GAAP EPS of $0.89, excluding certain items, and GAAP EPS of $1.52. Worldwide sales increased 1% to $5.8 billion. Key products like SINGULAIR, COZAAR/HYZAAR and VARIVAX saw solid year-over-year revenue growth. Merck reaffirmed its full-year 2008 non-GAAP EPS guidance range of $3.28-$3.38, excluding certain items, and revised its GAAP EPS range to $3.84-$4.00. Merck continued international launches of products including JANUVIA, JANUMET, GARD
UnitedHealth Group reported financial results for Q4 2008 and full year 2008. Revenues for 2008 exceeded $81 billion, up 8% from 2007. Adjusted net earnings per share were $2.95 for 2008 and $0.78 for Q4 2008. Cash flows from operations were $1.6 billion for Q4 2008 and $4.8 billion for 2008. The company expects 2009 net earnings in the range of $2.90 to $3.15 per share.
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for the first quarter of 2008, with net sales growing 20% driven by growth in the pharmaceutical business. Earnings from continuing operations grew 51% to $1.29 billion compared to the first quarter of 2007. The company reaffirmed its 2008 earnings guidance and announced plans to file an IPO to sell approximately 10% of its Mead Johnson Nutritionals business. Key drugs such as Abilify, Plavix, and Baraclude saw sales increases in the double-digit percentages compared to the first quarter of 2007.
Merck announced its 2007 financial results, reporting:
1) Full-year non-GAAP EPS of $3.20 and fourth-quarter non-GAAP EPS of $0.80, excluding certain previously disclosed items.
2) Worldwide product revenue growth driven by drugs like Singulair, Januvia, Gardasil, and Varivax.
3) Reaffirmation of its 2008 non-GAAP EPS forecast range despite charges related to legal issues including a VIOXX settlement.
bristol myerd squibb Financial Results for the Fourth Quarter and Twelve Mont...finance13
Bristol-Myers Squibb reported strong financial results for the fourth quarter and full year 2008, driven by growth of key franchises and products. Fourth quarter sales increased 4% year-over-year to $5.2 billion. Gross profit margins improved due to cost improvements and favorable product mix. The company provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00, expecting revenue and earnings growth. Bristol-Myers Squibb continued progress on productivity initiatives and business development deals to supplement its pipeline.
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...finance13
Bristol-Myers Squibb reports strong financial performance in Q2 2008 with 16% growth in global net sales and 24% increase in pre-tax earnings. They reaffirmed 2008 EPS guidance and announced plans to achieve an additional $1 billion in productivity savings by 2012. Key drivers of growth were double-digit sales increases of drugs such as Plavix, Abilify, and the HIV/Hepatitis portfolio. Bristol-Myers Squibb also submitted regulatory filings for the diabetes drug Onglyza in the US and Europe.
aetna Download Documentation Earnings Release and Tables2008 4thfinance9
Aetna reported financial results for Q4 and full year 2008. Q4 operating EPS increased 9% to $0.96 while full year operating EPS grew 13% to $3.93. However, net income declined due to realized capital losses from declining bond values. Total membership grew by 848,000 in 2008 to 17.7 million members. For 2009, Aetna expects operating EPS of $3.85 to $3.95, or 12-14% growth excluding higher pension costs. Revenue increased 12% in Q4 and 14% for the full year due to membership growth and premium rate hikes.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
Aon reported financial results for the third quarter of 2008. Total revenue grew 6% to $1.8 billion with organic revenue growth of 2%. Earnings per share from continuing operations increased 27% to $0.52. Key highlights included a 33% increase in adjusted EPS to $0.69, a 140 basis point increase in adjusted pretax margin to 15.1%, and 6% organic revenue growth in commissions, fees and other. The company also repurchased $426 million of shares and increased projected annual savings from restructuring programs.
aetna Download Documentation Earnings Release and Tables2008 1stfinance9
Aetna reported first quarter 2008 results, with operating earnings of $0.92 per share, a 14% increase over the prior year quarter. Total revenue increased 16% to $7.7 billion due to membership growth and premium rate increases. Medical membership increased by 614,000 to 17.5 million. Aetna affirmed its full-year 2008 operating earnings guidance of $4.00 per share and projected medical membership growth of 850,000-900,000 members.
Yahoo reported financial results for Q4 2008 and full year 2008. Revenues for Q4 2008 were $1.8 billion, a 1% decrease from the prior year. For the full year, revenues were $7.2 billion, a 3% increase. The company reported a Q4 operating loss of $278 million compared to operating income of $191 million in the prior year. However, adjusted for restructuring and other charges, operating income was $542 million for Q4 2008. Yahoo also saw declines in cash flow from operating activities but ended the year with $3.5 billion in cash and marketable securities.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
TRW Automotive Holdings Corp. reported first quarter 2008 financial results with sales of $4.1 billion, a 16.2% increase over the same period in 2007. Net earnings were $94 million or $0.92 per diluted share, compared to a net loss of $86 million or $0.87 per share in 2007. The company increased its full year 2008 sales outlook to a range of $16.2 to $16.6 billion and net earnings per share outlook to a range of $2.30 to $2.60.
Clear Channel Communications reported financial results for Q1 2008. Revenue increased 4% to $1.6 billion due to foreign exchange movements, while expenses rose 8% to $1.1 billion. Income before discontinued operations increased 70% to $161.4 million. The company sold its television group and 223 non-core radio stations. Radio revenues declined 4% to $769.6 million due to weakness in automotive, retail, and services advertising. Outdoor revenues rose 12% to $775.6 million due to international growth and new contracts, though expenses rose 18% due to site costs. The company provided Q2 and full year 2008 revenue pacing compared to prior years and expense outlooks by division.
Altria Group reported higher earnings for the second quarter of 2008 compared to the same period in 2007. Adjusted diluted earnings per share increased 12.2% as Philip Morris USA's operating income grew 3.8% and cigar maker John Middleton delivered strong volume gains of 11%. Altria reaffirmed its full-year guidance for adjusted diluted earnings per share growth of 9-11%.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The document provides financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- AES met its full year 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion.
- For the fourth quarter, consolidated revenues decreased 3% to $3.5 billion due to unfavorable foreign currency translation, while consolidated gross margin decreased 17% to $674 million.
- For the full year, consolidated revenues increased 19% to $16.1 billion and consolidated gross margin increased 9% to $3.7 billion, driven by improved performance in Latin America and Europe.
- AES issued 2009 guidance forecasts
- Yahoo reported financial results for Q1 2008 with revenues of $1.8 billion, operating income of $121 million, and operating income before depreciation, amortization, and stock-based compensation of $433 million.
- Net income was $542 million including a $401 million non-cash gain from Alibaba Group's IPO, and non-GAAP net income was $150 million.
- Cash flow from operating activities increased 81% to $786 million due to a $350 million payment from AT&T, and free cash flow increased 75% to $647 million.
Aon reported first quarter 2008 results with total revenue growing 7% to $1.9 billion and EPS from continuing operations increasing 10% to $0.56. Key highlights included adjusted EPS excluding items increasing 25% to $0.71, adjusted pretax margins increasing in both brokerage up 100 bps to 19.5% and consulting up 430 bps to 19.2%, and the company repurchasing $860 million of shares year-to-date. Segment reviews showed brokerage organic revenue up 2% and consulting up 4% while pretax income rose in both segments.
- Net sales increased 5% year-over-year driven by higher unit volume and positive pricing and mix changes. Emerging markets saw 15% growth while US growth slowed.
- Gross margins increased 120 bps to 27.6% due to productivity gains offsetting transition costs. Operating margins improved 20 bps before environmental and restructuring charges.
- The company remains on track to achieve $90-100M in annual savings from restructuring with $45-50M expected to benefit 2006 results. Reported EPS was $0.85 including environmental and restructuring charges.
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
This annual report summarizes Caterpillar's performance in 2002, a challenging year with declining markets and a stalled global economy. Despite weak industry conditions, Caterpillar achieved strong profits through cost cutting measures. The report highlights how Caterpillar has diversified its business beyond construction machinery through expanded offerings in engine, financing, and logistics services to make the company less vulnerable to economic cycles. It expresses confidence that Caterpillar is well-positioned for future growth when economies rebound given its focus on technology, quality products, and global dealer network.
Caterpillar's 2003 annual report outlines steps to building a great company. It discusses (1) inventing revolutionary products like tracked machines that became Caterpillar tractors; (2) choosing distribution partners wisely, like the network of over 200 independent and family-owned dealers worldwide; and (3) continually innovating and anticipating customer needs through new technologies like ACERT engines and e-business solutions for dealers.
The document is Caterpillar's 2004 annual report. It highlights that 2004 was a very successful year where Caterpillar set sales, revenue, and profit per share records. The company's sales increased over $7 billion and it surpassed its $30 billion sales goal two years ahead of schedule. The report discusses Caterpillar's strong position for future success due to its technology leadership, global footprint, focus on key industries, and emphasis on people. It celebrates the accomplishments of Caterpillar's employees around the world.
This annual report summary covers Caterpillar's record financial results in 2005, including sales and revenues of $36.34 billion and profits of $2.85 billion. Caterpillar's order backlog indicates continued market strength in 2006. The company implemented a new enterprise strategy in 2005 focused on people, product, process performance, and profitable growth. Key goals include improving employee safety, product quality, and order-to-delivery times. Caterpillar remains the global leader in its industries and is well positioned for more growth, with a target of $50 billion in sales by 2010. Challenges include making further safety, quality, and availability improvements to maintain leadership.
• 2006 General and Financial Information (Proxy Appendix)finance5
This document provides an overview of Caterpillar Inc.'s financial information for 2006 including:
- Sales increased to $41.5 billion in 2006 from $36.3 billion in 2005 driven by higher machinery and engine sales.
- Net income increased to $3.5 billion in 2006 from $2.8 billion in 2005.
- Total assets were $50.9 billion at the end of 2006, up from $47.1 billion in 2005, with inventory and property, plant and equipment being the largest assets.
This one sentence document contains a single word, "RELENTLESS", suggesting it may be describing something or someone that is relentless, persistent, or unyielding in their efforts or actions.
The document provides biographical information on the members of Caterpillar's Board of Directors and lists the company's executive officers. It identifies the 17 members of the Board of Directors, including their backgrounds, other directorships, and years of service on Caterpillar's board. It also lists the company's executive officers as of the end of 2007, identifying their positions. Finally, it identifies the members and chairs of the Board's four committees: Audit, Compensation, Governance, and Public Policy.
This document provides financial information about Caterpillar, including sales and revenue figures, profits, expenses, number of employees, patent information, and breakdowns of machinery and engine sales by region and industry. It shows that in 2007 Caterpillar had record sales and revenue of $44.9 billion, profit of $3.5 billion, over 100,000 employees worldwide, and was granted over 400 patents. The majority of machinery and engine sales were in North America, EAME, and Asia/Pacific regions.
Caterpillar is a global company that manufactures machinery, engines, and financial products. In 2007, Caterpillar had total sales and revenues of $44.9 billion and employed over 101,000 people across its global operations. The document provides an overview of Caterpillar's business segments, product lines, geographic presence, and financial results for 2007.
- 2007 was a record year for Caterpillar, with sales up globally but down 11% in North America, demonstrating the strength of their global business model.
- Their integrated services businesses grew 16% and made up 36% of sales, providing earnings stability despite weaknesses in some markets.
- Caterpillar had their fifth consecutive year of record sales and fourth year of record profits, and expect another record year in 2008 despite continued weakness in the US.
This document discusses how Caterpillar delivers solutions to customers in the oil and gas industry globally. It describes Caterpillar's involvement at each stage of the oil and gas process, from exploring for new reserves using engines and power systems, to extracting oil and gas from wells, processing and treating the resources, and transporting the final products to distributors and end users. The document emphasizes Caterpillar's reliability, serviceability, and ability to power facilities and operations around the world at every link in the oil and gas value chain.
The Caterpillar Production System (CPS) aims to dramatically improve safety, quality, and efficiency through employee participation, process transformation, waste elimination and continuous improvement. In 2007, CPS training reached over 50,000 employees and engaged more than 60 dealers. Employees submitted over 160,000 continuous improvement ideas. CPS is building a future Caterpillar with real traction in its second year through transforming processes, streamlining work, and involving employees, dealers and suppliers.
Caterpillar has a deep and integral presence in the oil and gas industry, providing power and equipment from exploration through distribution. They supply engines, turbines, machines and support for applications including drilling, production, processing, pipeline construction and transportation. Caterpillar has built long-term customer relationships in this industry by meeting evolving needs with efficient, durable and environmentally responsible solutions.
The document summarizes Caterpillar's global process for taking machines to market for customers. It involves understanding customer needs, designing solutions through global engineering collaboration, utilizing a global supply chain, coordinating worldwide manufacturing, assembling products in over 40 countries, distributing parts globally through logistics, providing financial options, offering local service and support through dealers, and sustaining machines by remanufacturing parts. The process is described as delivering unmatched power, dependability and value through an integrated team effort to meet customer needs.
The document is Caterpillar's 2007 annual report. It describes how Caterpillar is implementing the Caterpillar Production System (CPS) across its global operations to dramatically improve safety, quality, and production velocity. CPS is based on 6 Sigma principles and aims to standardize processes, eliminate waste, and encourage continuous improvement through employee participation. In 2007, Caterpillar expanded CPS training to 50,000 employees and engaged over 60 dealers in quality programs using CPS methods. The annual report highlights how CPS is transforming Caterpillar's operations from order receipt through delivery to customers.
Cat Financial reported record first quarter revenues of $713 million, up 9% from the previous year, with profits of $125 million, a 6% increase. The revenue growth was driven by higher interest rates on existing loans and growth in the loan portfolio. New retail financing increased 5% to $2.74 billion due to growth in Europe and other segments, while past dues increased but remained within expectations. The results demonstrate the strength of Caterpillar's financial services in supporting diverse industries.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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1. PFIZER REPORTS FOURTH-QUARTER AND FULL-YEAR 2008 RESULTS
AND 2009 FINANCIAL GUIDANCE
Fourth-Quarter 2008 Reported Revenues of $12.3 Billion Compared with $12.9 Billion in the
Year-Ago Quarter
Fourth-Quarter 2008 Reported Diluted EPS of $0.04 Compared with $0.40 in the Year-Ago
Quarter, Reflecting a $2.3 Billion Charge Resulting from an Agreement in Principle to
Resolve Previously Disclosed Investigations
Fourth-Quarter 2008 Adjusted Diluted EPS(1) of $0.65 Compared with $0.50 in the Year-Ago
Quarter
Achieves Full-Year 2008 Revenue and Adjusted Diluted EPS(1) Guidance; Reports $2.8
Billion in Adjusted Total Cost(2) Reductions During 2007 and 2008, Exceeding Target
Announces New Cost-Reduction Program Targeting Additional Net Savings of $2 Billion by
2011; New Program plus Just-Completed Program have Potential to Yield Cost Savings of
about $4.8 Billion
($ in millions, except per share amounts)
Fourth-Quarter Full-Year
2008 2007 Change 2008 2007 Change
Reported Revenues $ 12,346 $ 12,870 (4%) $ 48,296 $ 48,418 --
Reported Net Income 266 2,724 (90%) 8,104 8,144 --
Reported Diluted EPS 0.04 0.40 (90%) 1.20 1.17 3%
Adjusted Revenues(1) 12,311 12,795 (4%) 48,341 48,209 --
Adjusted Income(1) 4,389 3,402 29% 16,366 15,113 8%
Adjusted Diluted EPS(1) 0.65 0.50 30% 2.42 2.18 11%
See end of text prior to tables for notes.
NEW YORK, N.Y., Monday, January 26, 2009 – Pfizer Inc. (NYSE: PFE) today reported
financial results for fourth-quarter and full-year 2008. For fourth-quarter 2008, the Company
recorded reported revenues of $12.3 billion, a decrease of 4% compared with the year-ago
quarter. This decrease was primarily attributable to the negative impact of the loss of U.S.
exclusivity for Zyrtec in January 2008, and for Camptosar in February 2008, as well as the loss
1
2. of exclusivity for Norvasc in Korea and Japan in February 2008 and July 2008, respectively.
Zyrtec, Camptosar and Norvasc fourth-quarter 2008 revenues decreased by $515 million ($263
million, $144 million and $108 million, respectively), compared with the year-ago quarter. In
addition, foreign exchange unfavorably impacted reported revenues by approximately $380
million or 3%, partially offset by the solid performance of key products.
U.S. reported revenues were $5.3 billion in fourth-quarter 2008, a decrease of 8% compared with
the year-ago quarter. International reported revenues were $7.1 billion, a decrease of 1%
compared with the year-ago quarter, and reflect operational growth of 5%, which was more than
offset by the unfavorable impact of foreign exchange of 6%. U.S. reported revenues accounted
for 43% of the total compared with 44% in the year-ago quarter, while international reported
revenues accounted for 57% of the total compared with 56% in the year-ago quarter.
For fourth-quarter 2008, Pfizer posted reported net income of $266 million, a decline of 90%
compared with the prior-year quarter, and reported diluted EPS of $0.04, a decrease of 90%
compared with the prior-year quarter. Fourth-quarter 2008 results were impacted by a $2.3
billion pre-tax and after-tax charge resulting from an agreement in principle with the Office of
Michael Sullivan, the United States Attorney for the District of Massachusetts, to resolve
previously disclosed investigations regarding allegations of past off-label promotional practices
concerning Bextra, as well as other open investigations. In addition, results were unfavorably
impacted by an increased effective tax rate and an increase in pre-tax charges of $1.2 billion
($700 million after-tax) associated with cost-reduction initiatives, which were partially offset by
savings from those initiatives.
For full-year 2008, Pfizer recorded reported revenues of $48.3 billion, essentially flat compared
with 2007 full-year revenues of $48.4 billion, despite the loss of exclusivity of Norvasc, Zyrtec
and Camptosar, which collectively decreased revenues by $2.6 billion. Full-year revenues were
favorably impacted by foreign exchange of approximately $1.6 billion, or 3%, and the solid
performance of many key products. U.S. reported revenues were $20.4 billion, a decrease of
12% year over year, while international reported revenues were $27.9 billion, an increase of
10%, reflecting the favorable impact of foreign exchange of 6% and operational growth of 4%.
2
3. U.S. reported revenues accounted for 42% of the total compared with 48% in the year-ago
period, while international reported revenues accounted for 58% of the total compared with 52%
in the year-ago period.
For full-year 2008, the Company posted reported net income of $8.1 billion, essentially flat
compared with the prior year, and reported diluted EPS of $1.20, an increase of 3% compared
with $1.17. This was primarily attributable to savings associated with our cost-reduction
initiatives, the 2007 after-tax charges of $1.8 billion related to the decision to exit Exubera and
the favorable impact of foreign exchange, offset by the aforementioned charge related to Bextra
and other open investigations in fourth-quarter 2008, as well as the after-tax charge of $640
million resulting from the agreements in principle to resolve certain litigation involving the
Company’s non-steroidal anti-inflammatory (NSAID) pain medicines in third-quarter 2008 and
an increased effective tax rate.
Adjusted Revenues(1), Adjusted Income(1) and Adjusted Diluted EPS(1) Results
For fourth-quarter 2008, Pfizer posted adjusted revenues(1) of $12.3 billion, a decrease of 4%
compared with $12.8 billion in the year-ago quarter. For full-year 2008, Pfizer posted adjusted
revenues(1) of $48.3 billion, essentially flat compared with $48.2 billion in full-year 2007.
Adjusted revenues(1) in both periods were positively impacted by the solid performance of key
products, and negatively impacted by the loss of exclusivity of Norvasc, Zyrtec and Camptosar.
In addition, foreign exchange unfavorably impacted fourth-quarter 2008 revenues compared with
the year-ago period by $389 million, but favorably impacted full-year 2008 revenues by $1.6
billion compared with the prior year.
Fourth-quarter 2008 adjusted income(1) was $4.4 billion, an increase of 29% compared with $3.4
billion in the year-ago quarter, and adjusted diluted EPS(1) was $0.65, an increase of 30%
compared with $0.50 in the year-ago quarter. Both adjusted income(1) and adjusted diluted
EPS(1) were positively impacted by savings associated with our cost-reduction initiatives and
higher fourth-quarter 2007 spending levels in comparison with fourth-quarter 2008, partially
offset by an increase in the effective tax rate. Full-year 2008 adjusted income(1) was $16.4
billion, an increase of 8% compared with $15.1 billion in the year-ago period, and adjusted
3
4. diluted EPS(1) was $2.42, an increase of 11% compared with $2.18. Full-year 2008 adjusted
income(1) and adjusted diluted EPS(1) were primarily impacted by the favorable impact of foreign
exchange and savings from cost-reduction initiatives.
Reported and adjusted diluted EPS(1) were also positively impacted by the full benefit of Pfizer’s
purchase of $10.0 billion of the Company’s common stock in 2007.
Executive Commentary
“We are pleased with our performance in 2008,” said Chairman and Chief Executive Jeff
Kindler. “We achieved our financial objectives, including exceeding our cost-reduction target,
despite the tumultuous global economy. Notwithstanding an extremely competitive and
increasingly challenging environment in 2008, we made significant progress by: establishing
customer-focused business units; reprioritizing and refocusing our research on the greatest
opportunities for scientific, medical and commercial success; and increasing our Phase 3
portfolio by approximately 60%, from 16 to 26 programs at year-end. These successes have
provided the ideal platform from which we’re advancing Pfizer forward.”
“As part of this advancement, today we announced that we have entered into an agreement to
acquire Wyeth to create the world’s premier biopharmaceutical company. The combination of
Pfizer and Wyeth will meaningfully deliver Pfizer’s strategic priorities in a single transaction.
Our combined company will be one of the most diversified in the industry and will benefit from
complementary patient-centric units that match speed with the benefits of a global company’s
scale and resources,” continued Kindler.
Frank D’Amelio, Chief Financial Officer, stated, “In 2008, we exceeded our cost-reduction
target by decreasing our adjusted total costs(2) by $2.8 billion in comparison to 2006 on a
constant currency basis(3). In addition, we are implementing a new cost-reduction initiative that
will drive a lower, more variable cost structure to achieve anticipated incremental savings of
approximately $3 billion by the end of 2011 compared with our 2008 adjusted total costs(2) level.
After allocating approximately $1 billion of investment to high-growth opportunities, we
anticipate net savings of about $2 billion compared with our 2008 adjusted total costs(2) at 2008
4
5. average foreign exchange rates. The anticipated net savings from this new initiative in addition
to the savings we achieved at year-end 2008 under our previous cost-reduction initiative total
approximately $4.8 billion.”
“Further, as part of the proposed acquisition of Wyeth, we expect to achieve synergies of
approximately $4 billion by the end of 2012, which will be in addition to the savings from our
previous cost-reduction initiatives,” continued D’Amelio.
“In 2009, Pfizer expects to generate revenues of $44.0 to $46.0 billion, and adjusted diluted
EPS(1) of $1.85 to $1.95, which includes most of the anticipated $1 billion investment intended to
create new sources of revenue. This also assumes a reduction in revenues of approximately $3.0
billion compared with 2008 directly related to the strengthening of the U.S. dollar,” stated
D’Amelio.
New Cost-Reduction Initiative
Pfizer will implement a new cost-reduction initiative, which is expected to achieve incremental
cost savings of approximately $3 billion, at 2008 average foreign exchange rates, compared with
2008 adjusted total costs(2) of $28.6 billion. The program will be substantially complete by the
end of 2010, with the full savings to be realized by the end of 2011. Approximately $1 billion
of these savings will be reinvested in the business, resulting in an expected $2 billion net
decrease. With this initiative and our recently completed initiative, the Company expects to
reduce adjusted total costs(2) by about $4.8 billion while absorbing inflation and compensation
increases.
As part of this cost-reduction initiative, Pfizer intends to reduce its workforce by approximately
10%. Reductions will span sales, manufacturing, research and development, and administrative
organizations. The Company also intends to reduce the number of manufacturing sites to 41
from 46 today, as well as reduce its facilities square footage by approximately 15%. In
conjunction with this program, Pfizer expects to incur costs of approximately $6 billion on a pre-
tax basis, of which $1.5 billion has been incurred.
5
6. Product Performance
($ in millions, except percentages)
Fourth-Quarter Full-Year
2008 2007 Change 2008 2007 Change
(4)
In-Line Products $10,132 $10,061 1% $ 39,635 $ 37,424 6%
New Products(5) 451 468 (4%) 1,820 1,489 22%
Total In-Line and
New Products(6) 10,583 10,529 1% 41,455 38,913 7%
Loss of Exclusivity
Products(7) 658 1,173 2,936 5,511 (47%)
(44%)
Returns Adjustment -- -- (217) -- *
--
Total Pharmaceutical 11,241 11,702 (4%) 44,174 44,424 (1%)
Animal Health 783 785 -- 2,825 2,639 7%
Other(8) 322 383 (16%) 1,297 1,355 (4%)
Total Revenues $ 12,346 $12,870 (4%) $ 48,296 $ 48,418 --
See end of text prior to tables for notes.
* Calculation not meaningful.
Pharmaceutical
Pharmaceutical revenues for fourth-quarter 2008 were $11.2 billion, a decrease of 4% compared
with the prior-year quarter, including the unfavorable impact of foreign exchange of
approximately $340 million or 3%. Fourth-quarter 2008 revenues were unfavorably impacted
by the aforementioned loss of exclusivity of Norvasc, Zyrtec and Camptosar, partially offset by
revenues from in-line products(4), which increased 1% compared with the year-ago quarter.
Pharmaceutical revenues for full-year 2008 were $44.2 billion, a decrease of 1% compared with
the prior year, including the favorable impact of foreign exchange of approximately $1.5 billion
or 3%. Full-year 2008 revenues were unfavorably impacted by the aforementioned loss of
exclusivity of Norvasc, Zyrtec and Camptosar, partially offset by revenues from in-line and new
products(6), which increased 7% from the prior year. In addition, full-year 2008 pharmaceutical
revenues were negatively impacted by a $217 million adjustment to the prior years’ product
returns liabilities recorded in third-quarter 2008.
6
7. Lipitor revenues in fourth-quarter 2008 were $3.1 billion, a decrease of 8% compared with the
prior-year quarter. In the U.S., Lipitor revenues were $1.6 billion, a decrease of 13% compared
with the prior-year quarter. Revenues from international markets were $1.5 billion, a decrease of
2%, reflecting the unfavorable impact of foreign exchange of approximately $124 million, or
8%, which more than offset operational growth of 6%.
Lyrica revenues in fourth-quarter 2008 were $702 million, a year-over-year increase of 25%,
driven by strong physician prescribing patterns and patient satisfaction, as well as increased use
of Lyrica for fibromyalgia in the U.S., where the product continues to build on its leadership
position for this indication. In the U.S., Lyrica revenues were $384 million, a year-over-year
increase of 20%, while international revenues were $318 million, an increase of 31%, reflecting
operational growth of 42% and the unfavorable impact of foreign exchange of 11%.
Celebrex revenues in fourth-quarter 2008 were $664 million, an increase of 4% compared with
the year-ago quarter, supported by continued educational and promotional efforts highlighting
the benefit-risk proposition of Celebrex. In the U.S., Celebrex revenues were $489 million, an
increase of 4% compared with the prior-year quarter, while international revenues were $175
million, an increase of 4%.
Sutent revenues in fourth-quarter 2008 were $220 million, a year-over-year increase of 21%,
demonstrating continued strong performance and market leadership in its approved indications.
In the U.S., Sutent revenues were $66 million, an increase of 5% year over year, while
international revenues were $154 million, an increase of 30%. Sutent is available in all major
markets and is supported by efficacy, survival and cost-effectiveness data. Further, its robust life
cycle plan currently includes Phase 3 clinical trials in cancers with unmet medical need, such as
breast, lung, colorectal, liver and prostate cancers.
Chantix (known as Champix outside the U.S.) revenues in fourth-quarter 2008 were $180
million, a decrease of 36% year over year. In the U.S., Chantix revenues were $91 million, a
decline of 55% compared with the prior-year quarter, while international revenues were $89
million, an increase of 13%. Fourth-quarter 2008 U.S. results continued to be negatively
7
8. impacted by the changes to the Chantix U.S. label in prior quarters. Pfizer continues its
educational and promotional efforts with physicians and patients, focused on Chantix’s benefit-
risk proposition given the significant negative health consequences of smoking, as well as the
importance of physician-patient dialogue in helping patients quit smoking. Chantix has now
been launched in all major markets, with nine launches planned in 2009 in emerging markets.
Animal Health
Animal Health revenues for fourth-quarter 2008 were $783 million, essentially flat compared
with $785 million in the year-ago quarter. Full-year 2008 Animal Health revenues were $2.8
billion, an increase of 7% compared with $2.6 billion in 2007, driven by strong global livestock
and companion animal product performance. In fourth-quarter 2008, foreign exchange
unfavorably impacted revenues by approximately $35 million or 4%, while in full-year 2008,
foreign exchange positively impacted revenues by approximately $80 million or 3%, compared
with the prior-year respective periods.
Costs and Expenses
In fourth-quarter 2008, adjusted cost of sales(1) as a percentage of revenues was 11.7% compared
with 17.7% in fourth-quarter 2007. For the full-year 2008, adjusted cost of sales(1) as a
percentage of revenues was 14.6% compared with 16.0% in 2007, an improvement from our
previous guidance of 15.0% to 15.5%. This improvement reflects the benefits from our cost-
reduction initiatives and foreign exchange. Excluding the impact of foreign exchange, adjusted
cost of sales(1) as a percentage of revenues was 15.6% in fourth-quarter 2008 and 15.2% for the
full-year 2008.
Adjusted selling, informational and administrative (SI&A) expenses(1) were $3.5 billion in
fourth-quarter 2008, a decrease of 23% compared with the prior-year quarter. For the full-year
2008, adjusted SI&A expenses(1) were $14.0 billion, a decrease of 8% compared with 2007.
These decreases were primarily due to the favorable impact of our cost-reduction initiatives. In
addition, higher fourth-quarter 2007 spending levels contributed to the quarter-over-quarter
decline in adjusted SI&A expenses(1). Foreign exchange positively impacted fourth-quarter 2008
8
9. by $103 million and negatively impacted full-year 2008 by $379 million compared with the
respective year-ago periods.
Adjusted research and development (R&D) expenses(1) were $2.2 billion in fourth-quarter 2008,
an increase of 2% compared with the prior-year period. For full-year 2008, adjusted R&D
expenses(1) were $7.5 billion, a decrease of 1% compared with 2007. The increase in fourth-
quarter 2008 is primarily the result of up-front payments totaling $300 million related to the
licensing agreements with Medivation, Inc. and Auxilium Pharmaceuticals, Inc. Both periods
also benefited from the favorable impact of our cost-reduction initiatives.
Overall, operational improvements decreased adjusted total costs(2) by $1.1 billion or 12% in
fourth-quarter 2008 compared with the prior-year period, and foreign exchange decreased
adjusted total costs(2) by $702 million or 8%. Foreign exchange increased full-year 2008
adjusted total costs(2) by $312 million or 1% compared with 2007. Excluding the impact of
foreign exchange, full-year 2008 adjusted total costs(2) decreased by approximately $2.2 billion,
or 7%, compared with 2007. The operational improvement was driven partially by the reduction
in workforce to approximately 81,900 at year-end 2008, a decline of 4,700 compared with the
year-end 2007, as well as manufacturing and research and development site exits.
At the end of fourth-quarter 2008, Pfizer exceeded its goal to reduce absolute adjusted total
costs(2) by at least $2.0 billion by the end of 2008 compared with 2006 on a constant currency
basis(3), realizing a total reduction of $2.8 billion.
Financial Guidance
For full-year 2009, Pfizer’s financial guidance, at current exchange rates(9) is summarized below.
The 2009 financial guidance, in comparison with 2008 financial results, reflects the projected
impact of the strengthening of the U.S. dollar, increased pension expenses and lower interest
income. It also reflects an increase in the effective tax rate resulting from financial strategies in
connection with the proposed acquisition of Wyeth. These factors contributed to a reduction in
our Adjusted Diluted EPS(1) of approximately $0.50.
9
10. 2008 Actual 2009 Guidance
Adjusted Revenues(1) $48.3 billion $44.0 to $46.0 billion
Adjusted Cost of Sales(1) as a Percentage
of Revenues 14.6% 14.5% to 15.5%
Adjusted SI&A Expenses(1) $14.0 billion $13.5 to $14.0 billion
Adjusted R&D Expenses(1) $7.5 billion $7.1 to $7.5 billion
Adjusted Other (Income)/Deductions(1) ($1.4 billion) ($500 to $700 million)
Effective Tax Rate on Adjusted 22.0% Approx. 30%
Income(1)
Reported Diluted EPS(10) $1.20 $1.34 to $1.49
Adjusted Diluted EPS(1) $2.42 $1.85 to $1.95
For additional details, please see the attached financial schedules, product revenue tables,
supplemental information and disclosure notice.
(1) quot;Adjusted incomequot; and its components and quot;adjusted diluted earnings per share (EPS)quot; are
defined as reported net income and its components and reported diluted EPS excluding
purchase-accounting adjustments, acquisition-related costs, discontinued operations and
certain significant items. Adjusted Revenues, Adjusted Cost of Sales, Adjusted SI&A
expenses, Adjusted R&D expenses and Adjusted Other (Income)/Deductions-net are
income statement line items prepared on the same basis, and therefore, components of the
overall adjusted income measure. As described under Adjusted Income in the
Management’s Discussion and Analysis of Financial Condition and Results of Operations
section of Pfizer's Form 10-Q for the fiscal quarter ended September 28, 2008,
management uses adjusted income, among other factors, to set performance goals and to
measure the performance of the overall company. We believe that investors' understanding
of our performance is enhanced by disclosing this measure. Reconciliations of fourth-
quarter 2008 and 2007 and full-year 2008 and 2007 adjusted income and its components
and adjusted diluted EPS to reported net income and its components and reported diluted
EPS, as well as reconciliations of full-year 2009 adjusted income and adjusted diluted EPS
guidance to full-year 2009 reported net income and reported diluted EPS guidance, are
provided in the materials accompanying this report. The adjusted income and its
components and adjusted diluted EPS measures are not, and should not be viewed as,
substitutes for U.S. GAAP net income and its components and diluted EPS.
Represents primarily the total of Adjusted Cost of Sales(1), Adjusted SI&A expenses(1) and
(2)
Adjusted R&D expenses(1).
(3) Constant currency basis means that the applicable financial measure is based upon the
actual foreign exchange rates in effect during 2006.
(4) Represents worldwide revenues for all pharmaceutical products, excluding revenues
included in notes (5) and (7).
10
11. (5) Represents worldwide revenues for pharmaceutical products launched since 2006:
Chantix/Champix, Eraxis, Selzentry/Celsentri, Sutent, Thelin and Toviaz.
(6) Total worldwide pharmaceutical revenues excluding the revenues of major products that
have lost exclusivity in the U.S. in 2007 and 2008 as described in note (7). See the table
accompanying this report.
(7) Represents worldwide revenues for pharmaceutical products that lost exclusivity in 2007
and 2008: Camptosar, Norvasc and Zyrtec.
(8) Includes Consumer Healthcare business transition activity, Capsugel and Pfizer
Centersource.
(9) Current exchange rates approximate rates at the time of the fourth-quarter 2008 earnings
press release (January 2009).
(10) Does not assume the completion of any business development transactions not completed
as of December 31, 2008, and excludes the potential effects of litigation-related matters not
substantially resolved as of December 31, 2008, as we do not forecast those items.
Media Investors
Joan Campion 212.733.2798 Suzanne Harnett 212.733.8009
Jennifer Davis 212.733.0717
11
12. PFIZER INC AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(millions of dollars, except per common share data)
Fourth-Quarter % Incr. / Full-Year % Incr. /
2008 2007 (Decr.) 2008 2007 (Decr.)
$ 12,346 $ 12,870 (4) $ 48,296 $ 48,418 -
Revenues
Costs and expenses:
1,715 2,625 (35) 8,112 11,239 (28)
Cost of sales (a)
3,659 4,653 (21) 14,537 15,626 (7)
Selling, informational and administrative expenses (a)
2,303 2,260 2 7,945 8,089 (2)
Research and development expenses (a)
605 756 (20) 2,668 3,128 (15)
Amortization of intangible assets
66 - * 633 283 123
Acquisition-related in-process research and development charges
1,562 216 623 2,675 2,534 6
Restructuring charges and acquisition-related costs
1,811 (610) * 2,032 (1,759) *
Other (income)/deductions--net
Income from continuing operations before provision
625 2,970 (79) 9,694 9,278 4
for taxes on income and minority interests
394 223 76 1,645 1,023 61
Provision for taxes on income
5 36 (87) 23 42 (45)
Minority interests
226 2,711 (92) 8,026 8,213 (2)
Income from continuing operations
Discontinued operations:
2 (3) * (2) (3) -
Loss from discontinued operations--net of tax
38 16 138 80 (66) *
Gains/(losses) on sales of discontinued operations--net of tax
40 13 194 78 (69) *
Discontinued operations--net of tax
$ 266 $ 2,724 (90) $ 8,104 $ 8,144 -
Net income
Earnings per common share - basic:
$ 0.03 $ 0.40 (93) $ 1.19 $ 1.19 -
Income from continuing operations
0.01 - * 0.01 (0.01) *
Discontinued operations--net of tax
$ 0.04 $ 0.40 (90) $ 1.20 $ 1.18 2
Net income
Earnings per common share - diluted:
$ 0.03 $ 0.40 (93) $ 1.19 $ 1.18 1
Income from continuing operations
0.01 - * 0.01 (0.01) *
Discontinued operations--net of tax
$ 0.04 $ 0.40 (90) $ 1.20 $ 1.17 3
Net income
Weighted-average shares used to calculate earnings per common share:
6,720 6,774 6,727 6,917
Basic
6,739 6,792 6,750 6,939
Diluted
(a) Exclusive of amortization of intangible assets, except as discussed in footnote 4 below.
* Calculation not meaningful.
Certain amounts and percentages may reflect rounding adjustments.
1. The above financial statements present the three-month and twelve-month periods ended December 31 of each year.
Subsidiaries operating outside the United States are included for the three-month and twelve-month periods ended November 30
of each year
2. The financial results for the full year ended December 31, 2007, include pre-tax charges of $2.8 billion, virtually all of which were
recorded in the third quarter of 2007, associated with the impairment of Exubera assets and the decision to exit and stop additional
investment in the product. These charges include approximately $1.1 billion of intangible asset impairments, $661 million of
inventory write-offs, $454 million of fixed asset impairments, and $578 million of other exit costs. The charges are primarily included in
Cost of sales ($2.6 billion), Selling, informational and administrative expenses ($85 million), and Research and development expenses ($100 million).
3. As required through December 31, 2008, the estimated value of Acquisition-related in-process research and development charges (IPR&D) is
expensed at acquisition date. During 2008, we expensed $633 million of IPR&D, primarily related to our acquisitions of Serenex, Inc.,
Encysive Pharmaceuticals, Inc., CovX, Coley Pharmaceutical Group, Inc. and a number of animal health product lines from Schering-
Plough Corporation, as well as two smaller acquisitions also related to Animal Health. In the first quarter of 2007, we expensed $283
million of IPR&D, primarily related to our acquisitions of BioRexis Pharmaceutical Corp. and Embrex, Inc.
4. Amortization expense related to acquired intangible assets that contribute to our ability to sell, manufacture, research, market and
distribute our products are included in Amortization of intangible assets as they benefit multiple business functions. Amortization
expense related to acquired intangible assets that are associated with a single function are included in Cost of sales , Selling,
informational and administrative expenses or Research and development expenses , as appropriate.
5. Other (income)/deductions--net for the full year ended December 31, 2008, includes charges of approximately $900 million, recorded in the third
quarter of 2008, associated with the resolution of certain litigation involving our non-steroidal anti-inflammatory pain medicines and charges
of approximately $2.3 billion, recorded in the fourth quarter of 2008, resulting from an agreement in principle to resolve previously
disclosed investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as other open investigations.
6. Provision for taxes on income includes tax benefits in the full year ended December 31, 2008, of approximately $305 million related to
favorable tax settlements and of approximately $426 million related to the sale of one of our biopharmaceutical companies (Esperion
Therapeutics Inc.), both recorded in the second quarter of 2008. Provision for taxes on income includes a tax benefit of $278 million
in the fourth quarter of 2007 and a tax benefit of $958 million for full-year 2007 relating to charges associated with Exubera. Provision
for taxes on income for fourth-quarter and full-year 2008 also reflects the impact of the fourth-quarter 2008 legal settlement provisions,
which are either not deductible or deductible at lower tax rates.
13. PFIZER INC AND SUBSIDIARY COMPANIES
RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND REPORTED DILUTED EPS
TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS
(UNAUDITED)
(millions of dollars, except per common share data)
Quarter Ended December 31, 2008
Purchase Acquisition- Certain
Accounting Related Discontinued Significant
Adjustments Costs Operations Items(2)
Reported Adjusted
$ 12,346 $ -$ -$ -$ (35) $ 12,311
Revenues
Costs and expenses:
1,715 - - - (271) 1,444
Cost of sales (a)
3,659 3 - - (152) 3,510
Selling, informational and administrative expenses (a)
2,303 (6) - - (85) 2,212
Research and development expenses (a)
605 (560) - - - 45
Amortization of intangible assets
66 (66) - - - -
Acquisition-related in-process R&D charges
1,562 - (13) - (1,549) -
Restructuring charges and acquisition-related costs
1,811 (2) - - (2,452) (643)
Other (income)/deductions--net
Income from continuing operations before provision
625 631 13 - 4,474 5,743
for taxes on income and minority interests
394 190 4 - 761 1,349
Provision for taxes on income
5 - - - - 5
Minority interests
226 441 9 - 3,713 4,389
Income from continuing operations
Discontinued operations:
2 - - (2) - -
Income/(loss) from discontinued operations--net of tax
38 - - (38) - -
Gains/(losses) on sales of discontinued operations--net of tax
40 - - (40) - -
Discontinued operations--net of tax
$ 266 $ 441 $ 9$ (40) $ 3,713 $ 4,389
Net income
Earnings per common share - diluted:
0.07 $
$ 0.03 $ -$ -$ 0.55 $ 0.65
Income from continuing operations
0.01 - - (0.01) - -
Discontinued operations--net of tax
0.07 $
$ 0.04 $ -$ (0.01) $ 0.55 $ 0.65
Net income
Twelve Months Ended December 31, 2008
Purchase Acquisition- Certain
Accounting Related Discontinued Significant
Adjustments Costs Operations Items(2)
Reported Adjusted
$ 48,296 $ -$ -$ -$ 45 $ 48,341
Revenues
Costs and expenses:
8,112 - - - (1,072) 7,040
Cost of sales (a)
14,537 12 - - (505) 14,044
Selling, informational and administrative expenses (a)
7,945 (28) - - (429) 7,488
Research and development expenses (a)
2,668 (2,525) - - - 143
Amortization of intangible assets
633 (633) - - - -
Acquisition-related in-process R&D charges
2,675 - (49) - (2,626) -
Restructuring charges and acquisition-related costs
2,032 (5) - - (3,413) (1,386)
Other (income)/deductions--net
Income from continuing operations before provision
9,694 3,179 49 - 8,090 21,012
for taxes on income and minority interests
1,645 740 10 - 2,228 4,623
Provision for taxes on income
23 - - - - 23
Minority interests
8,026 2,439 39 - 5,862 16,366
Income from continuing operations
Discontinued operations:
(2) - - 2 - -
Income/(loss) from discontinued operations--net of tax
80 - - (80) - -
Gains/(losses) on sales of discontinued operations--net of tax
78 - - (78) - -
Discontinued operations--net of tax
$ 8,104 $ 2,439 $ 39 $ (78) $ 5,862 $ 16,366
Net income
Earnings per common share - diluted:
0.36 $
$ 1.19 $ -$ -$ 0.87 $ 2.42
Income from continuing operations
0.01 - - (0.01) - -
Discontinued operations--net of tax
0.36 $
$ 1.20 $ -$ (0.01) $ 0.87 $ 2.42
Net income
(a) Exclusive of amortization of intangible assets, except as discussed in note 1.
See end of tables for notes.
Certain amounts may reflect rounding adjustments.
14. PFIZER INC AND SUBSIDIARY COMPANIES
RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND REPORTED DILUTED EPS
TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS
(UNAUDITED)
(millions of dollars, except per common share data)
Quarter Ended December 31, 2007
Purchase Acquisition- Certain
Accounting Related Discontinued Significant
Adjustments Costs Operations Items(2)
Reported Adjusted
$ 12,870 $ -$ -$ -$ (75) $ 12,795
Revenues
Costs and expenses:
2,625 - - - (359) 2,266
Cost of sales (a)
4,653 3 - - (124) 4,532
Selling, informational and administrative expenses (a)
2,260 (7) - - (93) 2,160
Research and development expenses (a)
756 (721) - - - 35
Amortization of intangible assets
- - - - - -
Acquisition-related in-process R&D charges
216 - (3) - (213) -
Restructuring charges and acquisition-related costs
(610) (2) - - 219 (393)
Other (income)/deductions--net
Income from continuing operations before provision/(benefit)
2,970 727 3 - 495 4,195
for taxes on income and minority interests
223 219 (4) - 319 757
Provision/(benefit) for taxes on income
36 - - - - 36
Minority interests
2,711 508 7 - 176 3,402
Income from continuing operations
Discontinued operations:
(3) - - 3 - -
Income/(loss) from discontinued operations--net of tax
16 - - (16) - -
Gains/(losses) on sales of discontinued operations--net of tax
13 - - (13) - -
Discontinued operations--net of tax
$ 2,724 $ 508 $ 7$ (13) $ 176 $ 3,402
Net income
Earnings per common share - diluted:
0.07 $
$ 0.40 $ -$ -$ 0.03 $ 0.50
Income from continuing operations
- - - - - -
Discontinued operations--net of tax
0.07 $
$ 0.40 $ -$ -$ 0.03 $ 0.50
Net income
Twelve Months Ended December 31, 2007
Purchase Acquisition- Certain
Accounting Related Discontinued Significant
Adjustments Costs Operations Items(2)
Reported Adjusted
$ 48,418 $ -$ -$ -$ (209) $ 48,209
Revenues
Costs and expenses:
11,239 (49) - - (3,497) 7,693
Cost of sales (a)
15,626 12 - - (418) 15,220
Selling, informational and administrative expenses (a)
8,089 (29) - - (516) 7,544
Research and development expenses (a)
3,128 (3,013) - - - 115
Amortization of intangible assets
283 (283) - - - -
Acquisition-related in-process R&D charges
2,534 - (11) - (2,523) -
Restructuring charges and acquisition-related costs
(1,759) (22) - - 235 (1,546)
Other (income)/deductions--net
Income from continuing operations before provision
9,278 3,384 11 - 6,510 19,183
for taxes on income and minority interests
1,023 873 1 - 2,131 4,028
Provision for taxes on income
42 - - - - 42
Minority interests
8,213 2,511 10 - 4,379 15,113
Income from continuing operations
Discontinued operations:
(3) - - 3 - -
Income/(loss) from discontinued operations--net of tax
(66) - - 66 - -
Gains/(losses) on sales of discontinued operations--net of tax
(69) - - 69 - -
Discontinued operations--net of tax
$ 8,144 $ 2,511 $ 10 $ 69 $ 4,379 $ 15,113
Net income
Earnings per common share - diluted:
0.37 $
$ 1.18 $ -$ -$ 0.63 $ 2.18
Income from continuing operations
(0.01) - - 0.01 - -
Discontinued operations--net of tax
0.37 $
$ 1.17 $ -$ 0.01 $ 0.63 $ 2.18
Net income
(a) Exclusive of amortization of intangible assets, except as discussed in note 1.
See end of tables for notes.
Certain amounts may reflect rounding adjustments.
15. PFIZER INC AND SUBSIDIARY COMPANIES
NOTES TO RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND
REPORTED DILUTED EPS TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS
(UNAUDITED)
1) Amortization expense related to acquired intangible assets that contribute to our ability to sell, manufacture, research, market and
distribute our products are included in Amortization of intangible assets as they benefit multiple business functions. Amortization
expense related to acquired intangible assets that are associated with a single function are included in Cost of sales , Selling,
informational and administrative expenses or Research and development expenses , as appropriate.
2) Certain significant items includes the following:
Fourth Quarter Twelve Months
2008 2007 2008 2007
(millions of dollars)
Restructuring charges - Cost-reduction initiatives (a) $ 1,549 $ 256 $ 2,626 $ 2,523
Implementation costs - Cost-reduction initiatives (b) 465 525 1,605 1,389
Legal matters(c) 56
2,313 (5) 3,249
Returns liability adjustment(d) - - -
217
Asset impairment charges and other associated costs(e) 98 (6) 213 2,798
Consumer Healthcare business transition activity(f) (4) (2) (7) (26)
Other 53 (273) 187 (230)
Total certain significant items, pre-tax 4,474 495 8,090 6,510
Income taxes(g) (761) (319) (2,228) (2,131)
Total certain significant items--net of tax $ 3,713 $ 176 $ 5,862 $ 4,379
(a) Included in Restructuring charges and acquisition-related costs.
(b) Included in Cost of sales ($225 million), Selling, informational and administrative expenses ($143 million), Research and development
expenses ($85 million), and Other (income)/deductions - net ($12 million) for the three months ended December 31, 2008. Included
in Cost of sales ($745 million), Selling, informational and administrative expenses ($413 million), Research and development expenses
($433 million), and Other (income)/deductions - net ($14 million) for the full year ended December 31, 2008. Included in
Cost of sales ($263 million), Selling, informational and administrative expenses ($136 million), Research and development expenses ($124 million),
and Other (income)/deductions - net ($2 million) for the three months ended December 31, 2007. Included in Cost of sales ($700 million), Selling,
informational and administrative expenses ($334 million), Research and development expenses ($416 million), and Other (income)/deductions - net ($61
million income) for the full year ended December 31, 2007.
(c) Included in Other (income)/deductions - net and for the full year ended December 31, 2008, includes charges of approximately $900 million,
recorded in the third quarter of 2008, associated with the resolution of certain litigation involving our non-steroidal anti-inflammatory pain
medicines and charges of approximately $2.3 billion, recorded in the fourth quarter of 2008, resulting from an agreement in principle to
resolve previously disclosed investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as
other open investigations.
(d) Included in Revenues in the third quarter of 2008 and reflects an adjustment to the prior years' liability for product returns.
(e) The financial results for the full year ended December 31, 2007, include charges primarily related to the decision to exit Exubera which
are comprised of approximately $1.1 billion of intangible asset impairments, $661 million of inventory write-offs, $454 million of fixed asset
impairments and $578 million of other exit costs. The charges are primarily included in Cost of sales ($2.6 billion), Selling, informational and
administrative expenses ($85 million) and Research and development expenses ($100 million).
(f) Included in Revenues ($35 million) and Cost of sales ($31 million) for the three months ended December 31, 2008. Included in
Revenues ($172 million), Cost of sales ($162 million) and Selling, informational and administrative expenses ($3 million) for the full year
ended December 31, 2008. Included in Revenues ($75 million), Cost of sales ($73 million), Selling, informational and administrative
expenses ($3 million), and Other (income)/deductions - net ($3 million income) for the three months ended December 31, 2007.
Included in Revenues ($219 million), Cost of sales ($194 million), Selling, informational and administrative expenses ($15 million), and Other (income)/
deductions - net ($16 million income) for the full year ended December 31, 2007.
(g) Included in Provision for taxes on income and for the full year ended December 31, 2008, includes approximately $426 million recorded
in the second quarter of 2008 related to the sale of one of our biopharmaceutical companies (Esperion Therapeutics Inc.). Provision
for taxes on income for fourth-quarter and full-year 2008 also reflects the impact of the fourth-quarter 2008 legal settlement provisions, which
are either not deductible or deductible at lower tax rates.
18. PFIZER INC AND SUBSIDIARY COMPANIES
RECONCILIATION FROM REPORTED PHARMACEUTICAL REVENUES TO TOTAL
(2)
IN-LINE AND NEW PRODUCTS PHARMACEUTICAL REVENUES
(UNAUDITED)
(millions of dollars)
Worldwide
Fourth Quarter % Incr. / Full Year % Incr. /
2008 2007 (Decr.) 2008 2007 (Decr.)
Total reported Pharmaceutical revenues $ 11,241 $ 11,702 (4) $ 44,174 $ 44,424 (1)
Norvasc 542 650 (16) 2,244 3,001 (25)
Camptosar 112 256 (56) 563 969 (42)
Zyrtec/Zyrtec D 4 267 (99) 129 1,541 (92)
Other (1) - - - (217) - *
Total in-line products and new products(2)
Pharmaceutical revenues $ 10,583 $ 10,529 1 $ 41,455 $ 38,913 7
U.S.
Fourth Quarter % Incr. / Full Year % Incr. /
2008 2007 (Decr.) 2008 2007 (Decr.)
Total reported Pharmaceutical revenues $ 4,803 $ 5,261 (9) $ 18,851 $ 21,548 (13)
Norvasc 17 26 (34) 76 603 (87)
Camptosar (4) 142 * 82 539 (85)
Zyrtec/Zyrtec D 4 267 (99) 129 1,541 (92)
(1)
Other - - - (157) - *
(2)
Total in-line products and new products
Pharmaceutical revenues $ 4,786 $ 4,826 (1) $ 18,721 $ 18,865 (1)
International
Fourth Quarter % Incr. / Full Year % Incr. /
2008 2007 (Decr.) 2008 2007 (Decr.)
Total reported Pharmaceutical revenues $ 6,438 $ 6,441 - $ 25,323 $ 22,876 11
Norvasc 525 624 (16) 2,168 2,398 (10)
Camptosar 116 114 2 481 430 12
Zyrtec/Zyrtec D - - - - - -
Other (1) - - - (60) - *
Total in-line products and new products(2)
Pharmaceutical revenues(3) $ 5,797 $ 5,703 2 $ 22,734 $ 20,048 13
Certain amounts and percentages may reflect rounding adjustments.
(1) Represents an adjustment recorded in third-quarter 2008 to the prior years' liability for product returns.
(2) Total in-line and new products Pharmaceutical revenues, which exclude the revenues of major products that have lost
(1)
exclusivity in the U.S. since the beginning of 2007 and a prior years' returns liability adjustment , is an alternative view of our
Pharmaceutical revenues, and we believe that investors’ understanding of Pharmaceutical revenues is enhanced by disclosing this
performance measure. Norvasc lost its U.S. exclusivity in March 2007 and Camptosar lost its U.S. exclusivity in February 2008,
and as is typical in the pharmaceutical industry, this has resulted in a dramatic decline in revenues due to generic competition.
Zyrtec/Zyrtec D lost its U.S. exclusivity in January 2008 and we ceased marketing the product in late January 2008. We believe
that excluding the impact of these products assists the reader in understanding the dynamics of our diverse Pharmaceutical
product portfolio in 2008. Because of its non-standardized definition, this total in-line and new products Pharmaceutical
revenues measure has limitations as it may not be comparable with the calculation of similar measures of other companies.
This additional revenue measure is not, and should not be viewed as, a substitute for the U.S. GAAP comparison of
Pharmaceutical revenues.
(3) Total in-line and new products Pharmaceutical international revenues reflect a unfavorable impact in the fourth quarter
ended December 31, 2008, and a favorable impact for the full year ended December 31, 2008, due primarily to changes in foreign
exchange rates.
19. PFIZER INC
SUPPLEMENTAL INFORMATION
1) Change in Revenues
The strengthening of the U.S. dollar relative to other currencies, primarily the euro, U.K. pound, and
Canadian dollar, unfavorably impacted our revenues by approximately $380 million, or 3%, in fourth-
quarter 2008, compared to the same period in 2007. The weakening of the U.S. dollar relative to other
currencies, primarily the euro, Japanese yen and Canadian dollar, favorably impacted our revenues by
approximately $1.6 billion, or 3%, in full-year 2008, compared to full-year 2007.
Reported revenues in full-year 2008 include a reduction of $217 million, to adjust our prior years’
liabilities for product returns. In third-quarter 2008, after a detailed review of our returns experience, we
determined that our previous methodology needed to be revised, as the lag time between product sale
and return was actually much longer than we had previously assumed. Although recorded in third-
quarter 2008, virtually all of the adjustment relates back several years. We have also reviewed our
expense calculations for the prior years and determined that the expense recorded in those years was not
materially different from what would have been recorded under our revised approach.
2) Change in Cost of Sales
Reported cost of sales decreased 35% in fourth-quarter 2008, compared to the same period in 2007, and
decreased 28% in full-year 2008, compared to full-year 2007. The decrease for fourth-quarter 2008
primarily reflects a favorable impact from foreign exchange and the savings impact of our cost-reduction
initiatives. The decrease for full-year 2008 primarily reflects a $2.6 billion charge in third-quarter 2007
related to our decision to exit Exubera, the savings impact of our cost-reduction initiatives and a
favorable impact from foreign exchange, partially offset by higher implementation costs associated with
our cost-reduction initiatives.
Reported cost of sales included implementation charges related to our cost-reduction initiatives of $225
million for fourth-quarter 2008, $745 million for full-year 2008, $263 million for fourth-quarter 2007,
and $700 million for full-year 2007.
Reported cost of sales also included $31 million for fourth-quarter 2008, $162 million for full-year 2008,
$73 million for fourth-quarter 2007 and $194 million for full-year 2007, related to business-transition
activities associated with the sale of our Consumer Healthcare business, completed in December 2006.
This continuing activity is transitional in nature and generally results from agreements that seek to
facilitate the orderly transfer of operations of our former Consumer Healthcare business to the new
owner.
Reported cost of sales as a percentage of revenues decreased 6.5 percentage points to 13.9% in fourth
quarter 2008, compared to the same period in 2007, reflecting the favorable impact of our cost-
reduction initiatives and the impact of foreign exchange, as well as lower implementation costs
associated with our cost-reduction initiatives. Reported cost of sales as a percentage of revenues
decreased 6.4 percentage points to 16.8% in full-year 2008, compared to full-year 2007, reflecting a $2.6
billion charge in third-quarter 2007 related to our decision to exit Exubera, the favorable impact of our
cost-reduction initiatives and the impact of foreign exchange, partially offset by higher implementation
costs associated with our cost-reduction initiatives.
1
20. 3) Change in Selling, Informational & Administrative (SI&A) Expenses and Research &
Development (R&D) Expenses
Reported SI&A expenses decreased 21% in fourth-quarter 2008, reflecting the savings associated with
our cost-reduction initiatives and a favorable impact from foreign exchange. Reported SI&A expenses
decreased 7% in full-year 2008, compared to the same periods in 2007, reflecting the savings associated
with our cost-reduction initiatives and a $85 million charge in 2007 related to our decision to exit
Exubera, partially offset by an unfavorable impact from foreign exchange and the impact of higher
implementation costs associated with our cost-reduction initiatives.
Reported SI&A expenses included implementation charges related to our cost-reduction initiatives of
$143 million for fourth-quarter 2008, $413 million for full-year 2008, $136 million for fourth-quarter
2007 and $334 million for full-year 2007.
Reported R&D expenses, excluding acquisition-related in-process research and development charges
(IPR&D), increased 2% in fourth-quarter 2008, and decreased 2% in full-year 2008, compared to the
same periods in 2007. The increase for fourth-quarter 2008 was primarily due to an up-front payment to
Medivation, Inc. in connection with our collaboration agreement to develop and commercialize
Dimebon, partially offset by a favorable impact from foreign exchange and the realization of savings
associated with our cost-reduction initiatives. The decrease for full-year 2008 compared to full-year 2007
was primarily due to the collaboration payments made to Bristol-Myers Squibb Company in second-
quarter 2007 in connection with our collaboration to develop and commercialize apixaban and a $100
million charge in 2007 related to our decision to exit Exubera, in addition to the realization of savings
associated with our cost-reduction initiatives, partially offset by the up-front payment to Medivation,
Inc. in the fourth quarter of 2008 and higher R&D spending related to Phase 3 clinical trials in 2008.
Reported R&D expenses included implementation charges related to our cost-reduction initiatives of
$85 million for fourth-quarter 2008, $433 million for full-year 2008, $124 million for fourth-quarter 2007
and $416 million for full-year 2007.
IPR&D charges of $633 million in 2008 primarily related to our acquisitions of Serenex, Inc., Encysive
Pharmaceuticals, Inc., CovX, Coley Pharmaceutical Group, Inc. and a number of animal health product
lines from Schering-Plough Corporation, as well as two smaller acquisitions also related to Animal
Health. IPR&D charges in 2007 of $283 million primarily related to our acquisitions of BioRexis
Pharmaceutical Corp. and Embrex, Inc.
4) Asset Impairment Charges and Other Costs Associated with Exiting Exubera
In third-quarter 2007, after an assessment of the financial performance of Exubera, an inhalable form of
insulin for the treatment of diabetes, as well as its lack of acceptance by patients, physicians and payers,
we decided to exit the product.
Total pre-tax charges for 2007 were $2.8 billion and were primarily included in Cost of sales ($2.6 billion),
Selling, informational and administrative expenses ($85 million), and Research and development expenses ($100
million). Total pre-tax charges for 2008 were not significant.
2
21. 5) Other Income and Other Deductions
($ millions) Fourth Quarter Full Year
2008 2007* 2008 2007*
Net Interest Income(a) $(284) $(285) $(772) $(1,099)
Royalty Income (54) (55) (248) (224)
Net Gains on Asset Disposals (419) (237) (439) (326)
Legal matters(b) 2,366 (7) 3,300 46
Other, Net 202 (26) 191 (156)
Other (Income)/Deductions-Net $1,811 $(610) $2,032 $(1,759)
*Certain prior period amounts were reclassified to conform to the current period presentation.
(a) The decreases in net interest income in fourth-quarter and full-year 2008, compared to the same
periods in 2007, were due primarily to lower net financial assets and lower interest rates.
(b) In third-quarter 2008, we recorded charges of approximately $900 million related to our agreements
in principle to resolve certain litigation involving our non-steroidal anti-inflammatory pain medicines
and in fourth-quarter 2008, we recorded charges of approximately $2.3 billion resulting from an
agreement in principle to resolve previously disclosed investigations regarding allegations of past off-
label promotional practices concerning Bextra, as well as other open investigations.
6) Effective Tax Rate
The effective tax rate on reported Income from continuing operations before provision for taxes on income and
minority interests for fourth-quarter 2008 was a 63.1% cost compared to a 7.5% cost in fourth-quarter
2007, and in full-year 2008 was a 17.0% cost compared to a 11.0% cost for full-year 2007. The higher
tax rates for 2008 reflect the impact of the fourth-quarter 2008 legal settlement provisions, which are
either not deductible or deductible at lower tax rates, and higher acquired IPR&D expenses in 2008,
which are primarily not deductible for tax purposes, partially offset by tax benefits recorded in second-
quarter 2008 of $305 million related to favorable tax settlements for multiple tax years and $426 million
related to the sale of one of our biopharmaceutical companies (Esperion Therapeutic Inc.). The lower
tax rates in 2007 reflect a tax benefit in 2007 related to charges associated with Exubera.
The effective tax rate on adjusted income(1) was a cost of 23.5% in fourth-quarter 2008, a cost of 18.1%
in fourth-quarter 2007, a cost of 22.0% in full-year 2008 and a cost of 21.0% in full-year 2007. The
higher rates on adjusted income(1) in 2008 reflects a change in jurisdictional mix of income, partially
offset by the $305 million in tax benefits related to the resolution of tax issues noted above.
On October 3, 2008, the Tax Extenders and Alternative Minimum Tax Relief Act (the Extenders Act)
extended the research and development tax credit from January 1, 2008 through December 31, 2009.
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22. This research and development credit reduced income tax expense for fourth-quarter 2008 by
approximately $110 million.
7) Reconciliation of 2009 Adjusted Income(1) and Adjusted Diluted EPS(1) Guidance to 2009
Reported Net Income and Reported Diluted EPS Guidance
Full-Year 2009 Guidance
Net Income(a) Diluted EPS(a)
($ billions, except per-share amounts)
Income/(Expense)
Adjusted Income/Diluted EPS(1) Guidance ~$12.5 - $13.2 ~$1.85 - $1.95
Purchase Accounting Impacts:
Business Development Transactions Completed as of
(1.8) (0.26)
12/31/08
Costs Related to Cost-Reduction Initiatives (1.3 – 1.7) (0.20 – 0.25)
Reported Net Income/Diluted EPS Guidance ~$9.0 - $10.1 ~$1.34 - $1.49
(a) Does not assume the completion of any business-development transactions not completed as of
December 31, 2008 and excludes potential effects of litigation-related matters not substantially
resolved as of December 31, 2008, as we do not forecast those items.
________________
(1)
“Adjusted income” and “adjusted diluted earnings per share (EPS)” are defined as reported net
income and reported diluted EPS excluding purchase-accounting adjustments, acquisition-related costs,
discontinued operations and certain significant items. As described under Adjusted Income in the
Management’s Discussion and Analysis of Financial Condition and Results of Operations section of
Pfizer’s Form 10-Q for the quarterly period ended September 28, 2008, management uses adjusted
income, among other factors, to set performance goals and to measure the performance of the overall
company. We believe that investors’ understanding of our performance is enhanced by disclosing this
measure. The adjusted income and adjusted diluted EPS measures are not, and should not be viewed as,
substitutes for U.S. GAAP net income and diluted EPS.
4